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For 2016, the fiscal deficit will likely reach around 12.5 per cent of regional GDP, compared to 9 per cent in 2015, according to the ratings agency, with governments tapping all possible sources to trim the deficit.

“We expect at least 50 per cent [of the deficit] to be financed through drawdowns and reserves and the other half through debt issuances,” Mathias Angonin, analyst with Moody’s told journalists at a news conference."

"The Abu Dhabi Investment Authority (Adia) today marks the 40th anniversary of its creation, with Hamed bin Zayed Al Nahyan, Adia’s Managing Director, releasing an open letter charting the fund’s growth and reflecting on its role as Abu Dhabi’s store of wealth for future generations.

“Over the course of the past four decades, Adia has evolved from a small operation using shared office space to become one of the world’s largest and most sophisticated investment institutions. It has achieved this while always remaining true to its mission and by forging its own path – one that was right for Adia – and not simply following the route taken by others," said Mr Al Nahyan

In a wide-ranging letter, Mr Al Nahyan noted the vision of Adia’s founders, in particular the late Sheikh Zayed, Founding Father of the UAE, and Sheikh Khalifa, President of the UAE and the current Adia Chairman."

"Abu Dhabi’s Etihad Airways is backing a 425 million Australian dollar ($321 million) loan to Virgin Australia to help fix the Australian carrier's balance sheet.

Virgin Australia has taken out a 12 month A$425 million unsecured loan from its major shareholders Etihad Airways, Air New Zealand, Singapore Airlines and Virgin Group. The four major shareholders own 83.8 per cent of the Australian carriers, according to Gulf News’ calculations.

Details of the loan were posted by Virgin Australia on the Australian Stock Exchange (ASX) on Tuesday. Virgin Australia said the shareholders would contribute to the facility in proportion to their shareholdings.

"Egypt's stock market pulled back early on Monday because of profit-taking from last week's 14 percent leap, while the Saudi Arabian stock market edged up.

The Cairo index soared last week on hopes that the devaluation of the currency would attract foreign fund inflows, helping to resolve the country's longstanding foreign exchange shortage.

On Sunday, however, the index fell back 0.3 percent, and it dropped a further 1.0 percent to 7,395 points in the first half-hour of trade on Monday. It has technical support at the January peak of 7,114 points."

"Almost every actively managed equity fund in Europe investing in global, emerging and US markets has failed to beat its benchmark over the past decade, raising more questions about the value stockpicking managers add.
The findings pile further pressure on active fund managers, who have come under repeated attack from academics and consumer groups for charging high fees for poor performance."

"Gulf stock markets edged down in early trade on Monday because of softer oil and global equities prices, while Gulf International Services (GISS) led Qatar down after a fire at one of its onshore drilling rigs.

Dubai's index fell 0.5 percent in the first 45 minutes of trade as builder Arabtec pulled back 1.7 percent. The stock had surged 6.8 percent on Sunday, ahead of the announcement that it had won a 1.7 billion dirham ($463 million) contract from the United Arab Emirates government.

Abu Dhabi's index slid 0.3 percent as telecommunications company Etisalat fell by the same amount."